The federal government has announced the availability of N40,000 per bag rice, a move aimed at addressing food security and stabilising market prices.
Minister of Information and National Orientation, Mohammed Idris, stated this during a press conference in Wednesday in Abuja.
Idris stressed that the initiative was part of a broader set of measures introduced by President Bola Tinubu’s administration to mark its first year in office to ease economic hardship and hunger.
The minister stated that after one year in office, President Tinubu has laid a strong foundation for a Nigeria that is economically viable, sufficient, and secure.
He suggested that the energy spent organising a ‘national protest’ would be better directed towards exploring the opportunities available under the Tinubu administration.
Idris noted that pushback against current government policies, such as protests, indicates lack of understanding among the organisers of the realistic conditions necessary for growth and development.
The minister further explained that in Nigeria’s case, these measures include retooling the economic system, providing large-scale infrastructure, and investing in health, agriculture, and human capacity through student loans, among other initiatives.
He highlighted one significant development following the removal of the petroleum subsidy to include the energy transition from petroleum to Compressed Natural Gas (CNG) for vehicles and other machinery.
Idris said this transition opens a world of opportunities for Nigerians to participate in the CNG energy value chain which requires infrastructure rollout across the country.
He emphasised that the Presidential Compressed Natural Gas Initiative aims to reduce transportation costs for Nigerians by up to 50% while unlocking the nation’s significant potential in the gas sector, noting that CNG conversion centers were growing exponentially and creating more job opportunities.
“Since the launch of the initiative last year, over USD 50 million in private-sector investments have been made in setting up CNG conversion and fueling facilities nationwide. Nigerians are encouraged to engage in this wealth-creating sector,” he said.
The minister stated that the federal government has also made available 30,000 kits for converting petrol-powered commercial vehicles to CNG-powered engines at no cost within the next 90 days.
He further noted that the first batch of CNG Mass Transit Buses procured by the federal government for distribution to the 36 states and the FCT have also arrived.
The minister stressed, that to further cushion the effects of the petroleum subsidy removal, the Tinubu-led administration introduced the Presidential Grants and Loans Scheme with N50,000 grants being distributed under the N50 Billion Naira Grants component of the scheme.
So far, Idris said over 600,000 Nigerians across the 774 local government areas have benefited from these grants.
“Additionally, the disbursement of N150 billion in MSME and Manufacturing loans is set to commence in August after the ongoing final stage of verification. These loans are expected to stimulate industry, and Nigerians are urged to seize the opportunity,” he said.
The minister stated that Tinubu’s commitment to the welfare of Nigerian workers is evident in his approval of a new National Minimum Wage of N70,000, which the National Assembly recently passed and assented by Tinubu.
Furthermore, he said this new minimum wage, an increase from the previous N35,000 will be reviewed after every three years to reflect the economic realities and living standards.
In order to commence the payment of the new minimum wage, Idris said the National Assembly had approved a N6.2 trillion supplementary budget, out of which about N3 trillion will be used to cover the minimum wage and augment salaries.
He noted that one of Nigeria’s major challenges to rural socioeconomic development has been the non-receipt of federal allocations to elected Local Government Administrations for over 20 years.
In response, he said President Tinubu’s administration moved to implement the Local Government Autonomy by seeking a decisive verdict from the Supreme Court.
The minister added that this move underscores the administration’s commitment to restructuring the nation, strengthening governance and development at the grassroots level, and ensuring effectiveness and accountability in local government administration.
He noted that with this institutional empowerment, local governments were now expected to experience unprecedented socio-economic transformation.
Idris stated that the federal government will ensure that the judgment of the Supreme Court is enforced as intended.
The Tinubu administration is also noted for being the most youth-friendly government in Nigeria’s history, with numerous policies designed to support the entrepreneurial spirit of young Nigerians.
The minister said one such policies is the Nigeria Education Loan (NELFund), which aims to ease the burden of funding tertiary education tuition by parents.
He noted that the fund has sufficient budget to cover two million students and provide not only tuition, but also upkeep stipends.
He added that over 110,000 applications have been received so far with successful applicants starting fresh academic sessions to begin receiving their payment without delay.
